May 4th Transportation Stock News
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May 4th Transportation Stock News
https://www.cnbc.com/2020/05/04/stoc...ntel-more.html
American is down 10% ($9.59) at 1100EDT; Delta is down 9% at $21.94; UAL down 9.5% at $24.08; SWA down 8% at $26.92.
Big 4 Automaker stocks on watch after April sales came in at 8.6M compared to 16.52M April 2019 (48% drop). That's the lowest rate of auto sales since AutoData calculations began in 1980;
Hertz has until today to pay $500M or obtain a waiver; failing that they'll likely have to file bankruptcy in the next few days;
American is down 10% ($9.59) at 1100EDT; Delta is down 9% at $21.94; UAL down 9.5% at $24.08; SWA down 8% at $26.92.
Big 4 Automaker stocks on watch after April sales came in at 8.6M compared to 16.52M April 2019 (48% drop). That's the lowest rate of auto sales since AutoData calculations began in 1980;
Hertz has until today to pay $500M or obtain a waiver; failing that they'll likely have to file bankruptcy in the next few days;
#3
Gets Weekends Off
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Joined APC: Dec 2017
Position: Retired NJA & AA
Posts: 1,907
https://www.cnbc.com/2020/05/04/stoc...ntel-more.html
Hertz has until today to pay $500M or obtain a waiver; failing that they'll likely have to file bankruptcy in the next few days;
Hertz has until today to pay $500M or obtain a waiver; failing that they'll likely have to file bankruptcy in the next few days;
Most Hertz debt is backed by the autos they operate. But those have dropped in value along with other used car prices. Lenders can require Hertz to put up more collateral as those values drop. However, lenders know they will take a major haircut if Hertz files Chapter 11 so they're being flexible. Hertz has $500M of unsecured 6.25% coupon bonds, those are trading for 20 cents on the dollar right now.
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